Institutional fund manager Grayscale has partnered with acclaimed New York magazine TIME to create an educational video series on crypto assets.
The partnership was announced in April by Grayscale CEO Michael Sonnenshein, and Sonnenshein revealed that TIME and its CEO, Keith Grossman , will receive payment in bitcoin.
In addition, TIME does not intend to convert the bitcoin it receives in the transaction to fiat and will keep the crypto assets on its balance sheet. So far, no further details of the partnership have been disclosed.
TIME was first published on March 3, 1923, And the magazine and online publication have been active in the cryptocurrency space recently. In March, TIME cashed in on NFT mania by dropping a set of tokenized magazine covers on NFT marketplace SuperRare , with "TIME Cosmos - January 19, 1959" NFT download 135 ETH worth nearly $250,000 on March 30.
The company also revealed that it was looking for a cryptocurrency-friendly CFO in the same month after posting on Linkedin.
"The media industry is undergoing a rapid evolution. TIME is looking for a CFO who can help guide its transformation," - the letter reads.
According to Bitcointreasuries.com, TIME will become the 33rd publicly traded company to hold Bitcoin on its balance sheet. TIME joins leading U.S. companies Microstrategy - which has invested billions in BTC since August 2020, Square - which added 4709 BTC to its vault in October, and Tesla - which bought $1.5 billion worth of BTC in January. International investment corporation Blackrock also began paring cryptocurrencies in February, earning more than $360,000 from a small long use of Bitcoin futures.
This deal marks a significant partnership between giants of the mainstream and cryptocurrency worlds. Grayscale was founded in 2013 and manages $46 billion in crypto assets , including about 3% of the total bitcoin supply in circulation.
